Weekly Update – Vancouver Real Estate Statistics September 1st – 7th | Vancouver Real Estate Blog

Here are the weekly statistics for the Real Estate Board of Greater Vancouver in the week of September 1st 2008 – September 7th, 2008 for my market area of Vancouver East and Vancouver West.

Yet another slow week. In fact, this was the worst week that we’ve had in a very long time. I find it next to impossible to find a silver lining in the numbers. However, it was a week that contained the Labour Day weekend and that likely had a heavy influence on slowing down the market for the week (most buyers would have taken that weekend off).

There was another rise in new listings this past week (+5.87%). It’s interesting to note that the bump in this number actually came from the attached side (+11.02%) and not detached (-5.71%). Sales were way off for the second straight week (-30.09%). With new listings rising and sales dropping off, the Sell/List ratio fell to 21.88% solidly in Buyer’s Market territory.

The only relatively bright spot in the statistics was that the Active Listings fell for the third week in a row (and four out of the last five weeks). The drop was relatively small (-1.33%) but it was down nevertheless. I believe we’ve seen the height of the active listings this past summer, and we should see this number stagnate or fall in the coming months.

New Listings: 361 (+5.87%)
Avg List Price: $813,003 (-5.69%)
New Detached: 99 (-5.71%)
New Attached: 262 (11.02%)

Sales: 79 (-30.09%)
Avg Sale List Price: $716,613 (-3.05%)
Avg Sale Sell Price: $685,225 (-3.43%)
Avg Difference: -4.58% (+0.41)
Avg DOM for Sale: 51.43 (+3.58)

Sell/List Ratio: 21.88% (-11.25)

Price Changes: 230 (-4.96%)
Avg New List Price: $822,841 (+0.45%)
Avg Old List Price: $865,185 (+0.55%)
Avg Difference: -5.15 (+0.11)
Avg DOM for Price Change: 64.85 (-6.70)

Active Listings: 5420 (-1.33%)